"Daily Pay" Is Just Another Way to Keep You Living Paycheck to Paycheck
"Daily Pay" Is Just Another Way to Keep You Living Paycheck to Paycheck
I've seen several big chains, mostly gas stations and fast food, advertising "daily pay". If you are worried about how you're going to make it until your next paycheck, whether it's tomorrow or next month, or you have no savings to cover any sort of emergency, then you live paycheck-to-paycheck.
Don't be fooled. "Daily Pay" is just a shitty attempt at avoiding paying better wages by giving you your shitty wages faster. It's designed to benefit the company, not you.
Edit: If you don't get to hold on to your pay check long enough to earn interest on any of it, then getting paid daily is not benefiting you.
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This is just not true...daily pay means that you get more compounding periods from your money and the company also has to somehow manage payroll for that.
I get paid monthly, so when you account for time value of money, I'm getting a bad deal. It costs the company less on a number of fronts to pay less frequently.
Jobs that offer daily pay seem to be lower wage jobs, so I get why you would associate that negatively, but at least you get your money quickly for time worked if you're in a bind
Jobs that offer daily pay seem to be lower wage jobs
This is not a coincidence. This means that the employer has decided it's cheaper to incur whatever costs associated with processing daily payroll than it is to pay wages high enough that their employees don't care or have to care about getting paid every day.
Well, not every job is a career. At least you don't have to chase them for payment and you know you're a transaction to them. Develop skills and work somewhere that values you slightly more and at least gives benefits.
Not every job is a career, but every job that advertises daily pay is advertising a red flag for how they treat workers.